New U.S. Law Firm Perspective outlines trends shaping the landscape
With market dynamics shifting and employee commuting patterns changing over recent years, law firms are increasingly focusing office searches west and downtown where newer, lower- or comparatively-priced space is available.
In JLL’s 2014 Law Firm Perspective we explore the changing landscape for law firms in Manhattan, and outline three key considerations to factor into real estate decisions:
- Focus on maximizing the real estate footprint to meet the changing needs of the workplace and workforce
- Relocate to less expensive, off-core micromarkets, like Hudson Yards in Manhattan, to combat increasing rents
- Move non-revenue or lower revenue job functions to lower-cost metros to save on rent and labor costs
Our 2014 Law Firm Perspective examines the national landscape, but also focuses specifically on what’s happening in New York. We’ve created an interactive tool so you can compare 40 key U.S. markets including New York, Washington, DC, San Francisco and Boston.
Click here to learn more about the 2014 report findings or to watch trend videos featuring Elizabeth Cooper and Tom Doughty, JLL Law Firm Group International Directors, and John Sikaitis, JLL Managing Director of Office Research.